West Virginia Lottery

WVLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Sep 20, 2024 is estimated to be $47 Million, with a cash option of 23.9 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of West Virginia, your state will take 6.5% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

West Virginia MEGA Millions Jackpot/Cash Option for Fri Sep 20, 2024

Draw Date	Jackpot	Cash Option
Fri Sep 20, 2024	$47,000,000	$23,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$23,900,000
Federal Tax(24%)	$5,736,000
Additional Federal Tax	$3,067,330
State Tax(6.5%)	$1,553,500
Net Lumpsum Payment	$13,543,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$707,397	-$222,067 -$45,981	$439,349
2	$742,788	-$235,162 -$48,281	$459,345
3	$779,918	-$248,900 -$50,695	$480,323
4	$818,928	-$263,334 -$53,230	$502,364
5	$859,865	-$278,480 -$55,891	$525,494
6	$902,870	-$294,392 -$58,687	$549,791
7	$947,990	-$311,087 -$61,619	$575,284
8	$995,413	-$328,633 -$64,702	$602,078
9	$1,045,186	-$347,049 -$67,937	$630,200
10	$1,097,450	-$366,387 -$71,334	$659,729
11	$1,152,299	-$386,681 -$74,899	$690,719
12	$1,209,921	-$408,001 -$78,645	$723,275
13	$1,270,410	-$430,382 -$82,577	$757,451
14	$1,333,954	-$453,893 -$86,707	$793,354
15	$1,400,647	-$478,570 -$91,042	$831,035
16	$1,470,677	-$504,481 -$95,594	$870,602
17	$1,544,185	-$531,679 -$100,372	$912,134
18	$1,621,406	-$560,251 -$105,391	$955,764
19	$1,702,481	-$590,248 -$110,661	$1,001,572
20	$1,787,598	-$621,742 -$116,194	$1,049,662
21	$1,876,992	-$654,817 -$122,004	$1,100,171
22	$1,970,851	-$689,545 -$128,105	$1,153,201
23	$2,069,363	-$725,995 -$134,509	$1,208,859
24	$2,172,857	-$764,287 -$141,236	$1,267,334
25	$2,281,474	-$804,476 -$148,296	$1,328,702
26	$2,395,590	-$846,699 -$155,713	$1,393,178
27	$2,515,346	-$891,008 -$163,497	$1,460,841
28	$2,641,118	-$937,544 -$171,673	$1,531,901
29	$2,773,188	-$986,410 -$180,257	$1,606,521
30	$2,911,838	-$1,037,710 -$189,269	$1,684,859